(Yicai Global) March 21 -- Stock markets on the Chinese mainland ended higher today with increased trading after the US Federal Open Market Committee said it plans to keep the benchmark interest rate unchanged for the rest of the year.

The Shanghai Composite Index rose 0.35 percent to 3,101.46, finishing above the psychologically important 3,100 mark after hovering below for two days. Investors traded CNY403.9 billion (USD60.5 billion) worth of shares, some CNY54.7 billion more than yesterday.

The Shenzhen Component Index wound up 0.71 percent higher at 9,869.8 with turnover reaching CNY482 billion, while the ChiNext Price Index, which tracks growth enterprises in Shenzhen, finished 0.94 percent higher at 1,703.85, with CNY136.1 billion of shares swapping hands.

Most sectors closed higher, with communications leading the pack and ending up 4.13 percent higher on average after state-owned China Broadcasting Network an e-commerce giant Alibaba Group Holding struck a deal to help improve the country's radio and television network. Other strong movers were software, internet and securities firms, while liquor, drinks, banking and ferrous metal companies ended the day down.

The FOMC decided yesterday after a two-day meeting that the Fed would maintain the current benchmark interest rate of between 2.25 percent and 2.5 and avoid any hikes the rest of the year. The decision increased the likelihood that Chinese policymakers would cut interest rates in the future, according to CITIC Securities, the country's largest investment bank.

Editor: James Boynton